Abu Dhabi: Waha Capital, the Abu Dhabi-based investment company, reported a 31 per cent decline in profits attributable to owners for the third quarter of this year to reach Dh81.8 million.

The figure puts profits for the first nine months of 2016 at Dh387.7 million — down 17 per cent from the Dh466.9 million recorded in the same nine months in 2015.

Total income for Waha Capital in the third quarter of 2016 was marginally lower at Dh250 million from Dh253.9 million in the same quarter last year. Total income for the first nine months of 2016 was higher, however, reaching Dh872 million, a 4.5 per cent year-on-year increase.

The company’s total income was squeezed by higher expenses, which jumped to Dh496 million in the first nine months of the year from Dh370 million last year.

“Looking at the rest of the rest of the year, Waha Capital expects the current volatile market conditions to generate attractive valuations, providing unique opportunities for the group’s private equity team to deploy capital in small to mid-cap sectors across the GCC and the wider Mena (Middle East and North Africa) region,” Waha Capital said in its analysis report.

The company, however, did not explain the drop in profits but said in its report, “Waha Capital third quarter 2016 results show that the company continues to perform well and in line with its strategy of diversifying its revenue stream. Earnings were driven by solid performance across the business and, in particular, by key assets in Waha Capital’s Principal Investments division and a robust performance from the company’s capital markets portfolio,” it stated.

New York-listed aircraft leasing firm AerCap Holdings, in which Waha Capital owns a 16.97 per cent stake, reported a steady operating performance this year, but net profit fell primarily due to losses from its Aeroturbines business.

Lower contributions were also reported from Dubai-based consumer finance firm, Dunia Group, and oil and gas firm, Stanford Marine Group, both of which were impacted by challenging operating environment amid lower oil prices.

Waha Capital share prices ended the day on Thursday with a 2.7 per cent decline to reach Dh1.8 on Abu Dhabi Securities Exchange.